🐋 U.S. Whales Buying ETH — Coinbase Premium Spiking
1. Coinbase Premium Hits Multi-Month High
ETH is trading notably higher on Coinbase (USD pair) than on other exchanges (USDT pairs), driven by strong U.S. whale buying. This premium hasn’t been this elevated since January .
2. Low Exchange Reserves Intensifying Pressure
Coinbase’s available ETH has shrunk to around 4.8 M, and total spot exchange reserves hover near 9 M—near all-time lows. The depletion is partly due to OTC desks (like Wintermute) being tapped out .
3. Targeted Whale Accumulation
Over the last 24 hours, two major whales scooped up $46 M worth) at ~$3,448 per ETH:
0x52e… bought $36.5 M)
0xdfc… bought $10 M) .
4. Corporate Involvement & Profit-Taking Dynamics
SharpLink Gaming recently added 18,712 ETH to its treasury. Meanwhile, some whales are offloading to exchanges like OKX and Coinbase for profit taking .
5. Broader Market Context & Implications
Whales have been quietly accumulating since May–June while retail participation lagged .
ETH supply is tight—not necessarily limited in total, but much is locked in staking, DeFi protocols, and liquidity pools. This constrained supply means heavy spot buying further reduces available liquidity .
🚀 Why It Matters Over the Short Term
Spot Buying Signals Upside Potential: A sustained Coinbase premium often signals U.S. buyers driving price strength. Historically, such premiums correlate with short-term upward momentum .
Tight Liquidity Could Amplify Price Moves: With fewer sellers and strong whale demand, even moderate buying can swing prices rapidly.
Will the Premium Persist?: These surges tend to fade in a few weeks, but this time it’s part of a longer "silent" accumulation phase.
Bottom Line
U.S. whales are aggressively accumulating ETH on Coinbase, sparking a notable premium and pushing available supply to new lows. With major whales and corporate buyers entering the market, we could see sustained upward pressure—especially if the premium holds.
